City of Merced, California

Size: px
Start display at page:

Download "City of Merced, California"

Transcription

1 For the Fiscal Year Ended June 30, 2015 Basic Financial Statements, California

2

3 Merced, California Annual Financial Report For the year ended June 30, 2015

4 This page intentionally left blank

5 Annual Financial Report For the year ended June 30, 2015 Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position Statement of Activities and Changes in Net Position Fund Financial Statements: Governmental Fund Financial Statements: Balance Sheet Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balances Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-Wide Statement of Activities and Changes in Net Position Proprietary Fund Financial Statements: Statement of Net Position Statement of Revenues, Expenses and Changes in Net Position Statement of Cash Flows Fiduciary Fund Financial Statements: Statement of Fiduciary Net Position Statement of Changes in Fiduciary Net Position Notes to Basic Financial Statements Required Supplementary Information: Budgetary Control and Accounting Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual: General Fund Housing Special Revenue Fund Measure C Special Revenue Fund Low and Moderate Income Housing Special Revenue Fund Schedule of Changes in Net Pension Liability and Related Ratios Schedule of Plan Contributions Postemployment Healthcare Plan Schedule of Funding Progress Page

6 Annual Financial Report For the year ended June 30, 2015 Table of Contents Page Supplementary Information: General Fund Combining Balance Sheet General Fund Combining Statement of Revenues, Expenditures and Changes in Fund Balance

7 To the Honorable Mayor and Members of the City Council of the Merced, California Report on the Financial Statements INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the, California (the City ), as of and for the year ended June 30, 2015, and the related notes to the financial statements, which collectively comprise the City s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2015, and the respective changes in financial position, and where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America Highland Pointe Drive, Suite 450, Roseville, CA tel: fax:

8 To the Honorable Mayor and Members of the City Council of the Merced, California Page 2 Emphasis of Matter Implementation of New Accounting Standards As disclosed in the Note 1 to the financial statements, the City adopted new accounting guidance, GASB Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27, and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date an amendment of GASB Statement No. 68, during the fiscal year Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis, budgetary comparison schedules, schedule of changes in net pension liability and related ratios, schedule of plan contributions, and postemployment healthcare plan schedule of funding progress, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was made for the purpose of forming opinions on the financial statements that collectively comprise the City s basic financial statements. The supplementary information is presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. 2

9 To the Honorable Mayor and Members of the City Council of the Merced, California Page 3 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 18, 2015 on our consideration of the City s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City s internal control over financial reporting and compliance. Roseville, California December 18, 2015

10 MANAGEMENT S DISCUSSION AND ANALYSIS As management of the (City), we offer readers of the City s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, FINANCIAL HIGHLIGHTS The City s net position as shown on the Government-Wide Statement of Activities decreased by $7.0 million subsequent to the restatement of beginning balances, the result of implementation of new accounting standards which are discussed in Note 17. The governmental net position decreased by $8.8 million and the business-type net position increased by $1.8 million. Government-wide: As shown on the Statement of Net Position, the assets and deferred outflows exceeded its liabilities and deferred inflows at the close of the fiscal year by $520.3 million. The net decrease to governmental activity long-term debt of $838,966 was due to scheduled principal payments. Additional information can be found in Note 8. The net decrease to business-type activity long-term debt of $3.0 million was due to scheduled principal payments and amortization of related premiums. Governmental Funds: At the end of the current fiscal year, the unassigned fund balance for the General Fund was $10.1 million, or 59.3% of the General Fund balance. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the s basic financial statements. The s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains other required supplementary information. Government-Wide Financial Statements - Government-wide Financial Statements are designed to provide readers with a broad overview of the s finances, in a manner similar to a private-sector business. The focus is on both the City as a whole and the fund financial statements, including the major individual funds of the governmental and business-type categories, as well as the fiduciary funds, (by fund type) and the component units. Both the government-wide and fund financial statements (within the basic financial statements) categorize primary activities as either governmental or business type. In the government-wide statement of net position, both the governmental and business-type activities columns are presented on a consolidated basis by column, and are reflected, on a full accrual, economic resource basis, which incorporates long-term assets and receivables as well as long-term debt and obligations. Each presentation provides valuable information that can be analyzed and compared (between years and between governments) to enhance the usefulness of the information. 4

11 OVERVIEW OF THE FINANCIAL STATEMENTS, Continued The Statement of Net Position presents information on all of the City s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference between the four reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The Statement of Activities presents information showing how the government s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected taxes and compensated absences). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include general government, public safety, public works and culture and recreation. The business-type activities of the City include an airport, water, wastewater and refuse services. The government-wide financial statements include not only the City itself (known as the primary government), but also the following legally separate entities for which the City is financially accountable: The Public Financing and Economic Development Authority (Authority) The Parking Authority of the (Parking Authority) The financial information for these component units is blended with the City and reported in the governmental activities of the Government-wide Financial Statements and the Fund Financial Statements. Fund Financial Statements - A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds - Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the governmentwide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government s near-term financing decisions. Both the governmental fund balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. 5

12 OVERVIEW OF THE FINANCIAL STATEMENTS, Continued The City maintains thirty-three individual governmental funds. Information is presented separately in the Governmental Funds Balance Sheet and in the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for General Fund, Housing Special Revenue Fund, Measure C Special Revenue Fund, Low and Moderate Income Housing Special Revenue Fund, and Streets and Signals Capital Projects Fund, which are considered major funds. Data from the other twenty-eight non-major governmental funds are combined into a single, aggregated presentation. The City adopts an annual appropriated budget for all its governmental funds. A budgetary comparison has been provided for the General Fund, Housing Special Revenue Fund, Measure C Special Revenue Fund, and the Low and Moderate Income Housing Special Revenue Fund in the Required Supplementary Information to demonstrate compliance with the budget. Proprietary Funds The City maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. Information is presented separately in the Proprietary Statement of Net Position and the Proprietary Statement of Revenues, Expense and Changes in Net Position for the Wastewater System, Water System and Refuse Collection System, which are considered major funds. The Airport Fund is the only non-major Enterprise Fund. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City s various functions. The City uses internal service funds to account for Worker s Compensation, Liability Insurance, Unemployment, Employee Benefits, Fleet Management, Fleet Replacement, Facility Maintenance, Support Services, Personal Computer Replacement, and Public Works Administration. Because these services predominantly benefit governmental rather than businesstype functions, they have been included within governmental activities in the Government-wide Financial Statements. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support the City s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. Notes to the Basic Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City s progress in funding its obligation to provide pension and postemployment health care benefits to its employees and budgetary comparison schedules for the General Fund and major special revenue funds. 6

13 GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a governments financial position. In the case of the City, assets exceeded liabilities by $520.3 million at the close of the most recent fiscal year. Summary of Net Position Governmental Business-type Activities Activities Total Current and other assets $ 107,166,335 $ 107,539,627 $ 112,101,268 $ 109,364,867 $ 219,267,603 $ 216,904,494 Capital assets 311,219, ,820, ,601, ,731, ,821, ,551,926 Total assets 418,385, ,360, ,703, ,096, ,088, ,456,420 Deferred outflows - pensions 4,477,112 1,014,952 5,492,064 Total defered outflows 4,477,112 1,014,952 5,492,064 Current liabilities 10,946,386 11,946,428 7,837,280 6,618,531 18,783,666 18,564,959 Noncurrent liabilities 84,787,855 40,223,056 63,985,142 55,850, ,772,997 96,073,495 Total liabilities 95,734,241 52,169,484 71,822,422 62,468, ,556, ,638,454 Deferred inflows - pensions 11,142,761 2,546,187 13,688,948 Total deferred inflows 11,142,761 2,546,187 13,688,948 Net position: Net investment in capital assets 309,124, ,820, ,078, ,252, ,203, ,073,437 Restricted 61,047,982 31,356,532 47,571,164 43,215, ,619,146 74,571,785 Unrestricted (54,186,940) 24,013,611 34,699,459 57,159,133 (19,487,481) 81,172,744 Total net position $ 315,985,511 $ 381,190,926 $ 204,349,608 $ 214,627,040 $ 520,335,119 $ 595,817,966 The largest portion of the City s net position, 82.9%, reflects its net investment in capital assets (e.g., land and improvements, construction in progress, buildings and structures, machinery and equipment, and improvements other than buildings, structures and land improvements), less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Of the City s $520.3 million total net position, $108.6 million, or 20.9% of these resources are subject to external restrictions on how they may be used. The total unrestricted net position is a negative $19.4 million due to the governmental activities negative $54.2 million unrestricted net position. This was caused by recording the City s net pension liabilities pursuant to the implementation of Governmental Accounting Standards Board (GASB) Statement No. 68 and the reclassification of deferred inflows pursuant to GASB Statement No. 63. The business-type activities restricted and unrestricted net position is $47.5 million and $34.6 million, respectively. The total business-type activities reported positive balances in all category of net position. However, of the individual funds that make up the business-type activities, the Refuse Collection System fund has a negative unrestricted net positon due to the implementation of GASB Statement No

14 GOVERNMENT-WIDE FINANCIAL ANALYSIS, Continued Analysis of the City s Operations - The following table provides a summary of the changes in net position for governmental and business-type activities. Statement of Activities Governmental Activities Business-type Activities Total Government Revenues Program revenues: Charges for services $ 10,117,787 $ 9,229,320 $ 43,672,207 $ 44,206,806 $ 53,789,994 $ 53,436,126 Operating grants and contributions 6,116,936 7,060, , ,723 6,547,700 7,248,252 Capital grants and contributions 1,182,168 2,342, ,720 2,124 1,308,888 2,344,327 General revenues and transfers: Property taxes 13,933,670 12,599,009 35,337 38,138 13,969,007 12,637,147 Sales taxes 13,922,380 13,618,386 13,922,380 13,618,386 Franchise taxes 1,698,203 1,609,263 1,698,203 1,609,263 Transient occupancy tax 1,874, ,002 1,874, ,002 Business license tax 1,077,292 1,102,008 1,077,292 1,102,008 Cost recovery impact study 124,102 44, ,102 44,171 Business improvement area 73,813 71,473 73,813 71,473 Other 705,575 2,331, ,215 1,887,915 1,500,790 4,219,007 Total revenues 50,826,280 50,997,456 45,060,243 46,322,706 95,886,523 97,320,162 Expenses Governmental activities: General government 7,650,592 12,964,142 7,650,592 12,964,142 Public Safety 29,599,678 29,580,390 29,599,678 29,580,390 Public Works 17,475,927 20,229,487 17,475,927 20,229,487 Parks 1,955,966 2,054,063 1,955,966 2,054,063 Other 773, , , ,022 Business-type activities: Wastewater system 15,568,388 16,451,780 15,568,388 16,451,780 Water system 13,719,156 11,616,236 13,719,156 11,616,236 Refuse collection 12,263,902 12,888,440 12,263,902 12,888,440 Merced municipal airport 1,202, ,458 1,202, ,458 Total expenses 57,455,941 65,497,104 42,753,518 41,945, ,209, ,443,018 Increase (decrease) in net position before disposal of capital assets and transfers (6,629,661) (14,499,648) 2,306,725 4,376,792 (4,322,936) (10,122,856) Disposal of capital assets (2,644,693) 14,013 (2,630,680) Transfers 463, ,085 (463,400) (763,085) Increase (decrease) in net position (8,810,954) (13,736,563) 1,857,338 3,613,707 (6,953,616) (10,122,856) Net position beginning of year, as restated (Note 17) 324,796, ,927, ,492, ,013, ,288, ,940,822 Net position ending of year $ 315,985,511 $ 381,190,926 $ 204,349,608 $ 214,627,040 $ 520,335,119 $ 595,817,966 Governmental Activities Governmental Activities decreased the City s net position by $8.8 million. Taxes provided 64.3% of the revenue and charges for services provided 19.9% of the revenue, and operating and capital grants and contributions provided 14.4% of the revenue received during the year. 8

15 GOVERNMENT-WIDE FINANCIAL ANALYSIS, Continued The following table shows the cost of each of the City s major programs and the net cost of the programs. Net cost is the total cost less fees and other direct revenue generated by the activities. The net cost reflects the financial burden that was placed on the City s taxpayers by each of the programs. Net Cost of Governmental Activities For the Fiscal Year Ended June 30, 2015 Total Cost Net Cost of Services of Services General government $ 7,650,592 $ (3,854,659) Public safety 29,599,678 (26,210,498) Public works 17,475,927 (7,870,010) Culture and recreation 1,955,966 (1,330,105) Interest on long-term debt 773,778 (773,778) Total $ 57,455,941 $ (40,039,050) The costs for all governmental activities during the year were $57.4 million, which is 57.3% of total governmental and business-type activities expenses. These costs were paid for by $17.4 million of program revenues, $32.7 million of taxes, and $1.1 million of interest and investment earnings and transfers. The balance of $6.2 million was covered by reserves or accumulated revenues. Business-type Activities Business-type activities increased the City s net position by $1.8 million. This increase consists of fees collected for future capital projects. The revenues from the business-type activities include program revenue, taxes, interest and investment earnings and other revenue of $45.0 million. Expenses of business-type activities were $42.7 million. Transfers from the City s business-type activities were $463,400. FINANCIAL ANALYSIS OF THE GOVERNMENT S FUNDS As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds The focus of the City s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City s financing requirements. In particular, the unreserved fund balance may serve as a useful measure of a government s net resources available for spending at the end of the fiscal year. The City s governmental funds reported a combined fund balance at June 30, 2015 of $80.4 million, an increase of $4.3 million after restatement of the beginning fund balance. See Note 17 for details of this restatement. In fiscal year , the governmental revenue increased by $1.7 million and governmental expenses decreased by $1.5 million. The General Fund is the chief operating fund of the City. The General Fund is used to account for all financial resources except those required to be accounted for in another fund. At the end of the current fiscal year, the fund balance of the General Fund was $17.0 million and the unassigned fund balance was $10.1 million. As a measure of the General Fund s liquidity, it may be useful to compare unassigned fund balance to total expenditures. The unassigned fund balance represents 30.8% of total General Fund expenditures. 9

16 FINANCIAL ANALYSIS OF THE GOVERNMENT S FUNDS, Continued The General Fund balance increased by $3.0 million during the fiscal year. Taxes are the primary revenue of the General Fund. Property tax increased by 10.5%, sales tax increased by 2.2% while transient occupancy tax increased by 89.3%. The increase in transient occupancy tax represents a onetime adjustment which corrected payments for the past three years. Changes in fund balances of other major funds include the following: Housing Fund- This special revenue fund increased by $61,008 due from the sale of property. Measure C Fund- This special revenue fund decreased by $354,626 due to capital outlay expenditures covered by accumulated revenues. Low and Moderate Income Housing Fund- This special revenue fund increased by $231,169 due to an increase of revenue from sale of property. Streets & Signals Fund- This capital projects fund increased by $158,137 due to unspent capital project funding that will be carried over to fiscal year Proprietary Funds The City s proprietary funds provide the same type of information found in the Government-wide Financial Statements, but in more detail. The unrestricted net position of the Governmental Activities Internal Service Funds were $1.7 million. The unrestricted net position of the Enterprise Funds were $34.6 million. The change in net position for the Governmental Activities Internal Service Funds and the Enterprise Funds both increased $1.8 million. Other factors concerning the finances of the Proprietary funds have been addressed in the discussion of the City s business-type activities. GENERAL FUND BUDGETARY HIGHLIGHTS During the fiscal year, the City Council approved budgetary revisions for supplemental appropriations, which increased appropriations in individual funds and transfers between funds. The difference between the General Fund original revenue budget and the final revenue budget was an increase of $610,376, which includes grants, service charges and other revenues. The difference between the General Fund original expenditure budget and the final expenditure budget was an increase of $1.3 million, which includes machinery and equipment, supplies and services, capital outlay and personnel related expenditures. CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets The s investment in capital assets for its governmental and business-type activities as of June 30, 2015, amounted to $476.8 million. This investment in capital assets includes land and improvements, construction in progress, buildings and structures, machinery and equipment, and improvements other than buildings, structures, and land improvement. Additional information on the City of Merced s capital assets can be found in Note 6. 10

17 CAPITAL ASSET AND DEBT ADMINISTRATION, Continued Non-depreciable Assets: Governmental Business-type Activities Activities Total Land and improvements $ 87,074,139 $ 88,017,809 $ 2,343,020 $ 2,163,106 $ 89,417,159 $ 90,180,915 Construction in progress 10,094,570 13,384,129 49,372,327 44,984,053 59,466,897 58,368,182 Total non-depreciable assets 97,168, ,401,938 51,715,347 47,147, ,884, ,549,097 Depreciable Assets: Building and structures 22,115,487 23,082,307 4,575,769 4,575,769 26,691,256 27,658,076 Machinery and equipment 34,965,729 34,707,665 3,965,594 3,603,877 38,931,323 38,311,542 Improvements other than buildings, Capital Assets structures and land improvements 116,013, ,943, ,896, ,356, ,909, ,300,289 Infrastructure 373,627, ,627,644 40,278,359 39,813, ,906, ,441,037 Accumulated depreciation (332,671,808) (318,942,539) (79,829,518) (71,765,576) (412,501,326) (390,708,115) Total depreciable assets, net 214,050, ,418, ,886, ,583, ,937, ,002,829 Total capital assets $ 311,219,066 $ 325,820,783 $ 165,601,997 $ 167,731,143 $ 476,821,063 $ 493,551,926 Additions of capital assets exceeding $1 million during this fiscal year included the following projects: Wastewater Treatment Plant s new laboratory in the amount of $2.6 million. Merced Roadway improvement and rehabilitation project in the amount of $1.7 million. Long-term Debt At the end of the current fiscal year, the City had $64.2 million in outstanding debt consisting of pension obligation bonds, revenue bonds, capital lease, development agreements, and loans. All of the debt was secured or earmarked by specific revenue sources. Governmental Activities Outstanding Debt June 30, 2015 Business-type Activities Total Pension obligation bonds $ 5,630,000 $ 5,955,000 $ $ $ 5,630,000 $ 5,955,000 Loans payable 1,800,000 2,000,000 34,805,831 36,502,153 36,605,831 38,502,153 Capital Lease 6,316,227 6,630,193 6,316,227 6,630,193 Revenue bonds payable 14,500,000 15,690,000 14,500,000 15,690,000 Unamortized premiums 1,169,394 1,286,334 1,169,394 1,286,334 Total $ 13,746,227 $ 14,585,193 $ 50,475,225 $ 53,478,487 $ 64,221,452 $ 68,063,680 During the current fiscal year, the City s net debt decreased by $3.8 million or 5.6%. The net decrease included a reduction for scheduled principal payments and unamortized premium retirements. Additional information on the s debt can be found in Note 8. 11

18 ECONOMIC FACTORS AND NEXT YEAR S BUDGET Economic indicators show promise for growth in the local economy. These indicators include, 1) continued decline in local unemployment; 2) an upturn in residential development that will support expansion of retail business and jobs; 3) the development of the Downtown area with planning for the High Speed Rail, the opening of University of California Merced s Venture Lab, and future development of offices and retail business. The General Fund revenues for fiscal year are projected to increase 4% over fiscal year which supports the City s priorities to add Public Safety, Recreation and Community Services positions. The Enterprise Funds continue to maintain a stable financial position. The refuse rates, approved in the study completed in fiscal year , will increase by 3.5% for residential customers and 1% percent annually for commercial businesses for the next five years. A wastewater rate study is planned for fiscal year In an effort to deal with the drought conditions in California, the City has implemented various water conservation measures including public education and outreach, ordinance amendment for restrictions and installation of approximately 10,800 meters for unmetered water accounts. REQUEST FOR INFORMATION This financial report is designed to provide a general overview of the s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Finance Officer,, 678 West 18 th Street, Merced, California

19 BASIC FINANCIAL STATEMENTS 13

20 This page intentionally left blank 14

21 GOVERNMENT-WIDE FINANCIAL STATEMENTS 15

22 This page intentionally left blank 16

23 Statement of Net Position June 30, 2015 Governmental Business-Type Activities Activities Totals ASSETS Current assets: Cash, cash equivalents and investments $ 59,501,654 $ 102,783,837 $ 162,285,491 Restricted cash held by fiscal agents 6 6 Receivables 9,974,795 9,027,580 19,002,375 Prepaid items 8,857 8,857 Inventory 288, , ,748 Total current assets 69,774, ,063, ,837,477 Noncurrent assets: Land held for resale 2,909,191 2,909,191 Notes receivable 34,482,928 38,007 34,520,935 Capital assets: Non-depreciable 97,168,709 51,715, ,884,056 Depreciable, net of accumulated depreciation 214,050, ,886, ,937,007 Total noncurrent assets 348,611, ,640, ,251,189 Total assets 418,385, ,703, ,088,666 DEFERRED OUTFLOWS OF RESOURCES Deferred pensions 4,477,112 1,014,952 5,492,064 LIABILITIES Current liabilities: Accounts payable 1,192,363 1,735,030 2,927,393 Payroll liabilities 928, ,499 1,214,472 Deposits and other liabilities 2,480,603 2,005,154 4,485,757 Unearned revenue 1,576, ,519 1,867,447 Accrued interest payable 154, , ,522 Claims liability, due within one year 2,980,927 2,980,927 Compensated absences, due within one year 706, , ,301 Long-term debt, due within one year 925,564 2,936,283 3,861,847 Total current liabilities 10,946,386 7,837,280 18,783,666 Noncurrent liabilities: Claims liability, due in more than one year 3,073,047 3,073,047 Compensated absences, due in more than one year 2,831, ,691 3,518,884 Long-term debt, due in more than one year 12,820,663 47,538,942 60,359,605 Net other postemployment benefits obligation 21,615,136 5,234,864 26,850,000 Net pension liability 44,447,816 10,523,645 54,971,461 Total noncurrent liabilities 84,787,855 63,985, ,772,997 Total liabilities 95,734,241 71,822, ,556,663 DEFERRED INFLOWS OF RESOURCES Deferred pensions 11,142,761 2,546,187 13,688,948 NET POSITION Net investment in capital assets 309,124, ,078, ,203,454 Restricted for: Streets and street lights 2,666,663 2,666,663 Community development 9,861,427 9,861,427 Housing 36,056,468 36,056,468 Public safety 395, ,634 Special districts 2,859,678 2,859,678 Other special projects and programs 4,363,727 3,077,089 7,440,816 Debt service 1,938,547 1,938,547 Capital projects 4,844,385 42,555,528 47,399,913 Unrestricted (54,186,940) 34,699,459 (19,487,481) Total net position $ 315,985,511 $ 204,349,608 $ 520,335,119 The accompanying notes are an integral part of these financial statements. 17

24 Statement of Activities and Changes in Net Position For the Year Ended June 30, 2015 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Total Governmental activities: General government $ 7,650,592 $ 1,620,532 $ 2,174,831 $ 570 $ 3,795,933 Public safety 29,599,678 2,702, ,701 3,389,180 Public works 17,475,927 5,331,518 3,142,042 1,132,357 9,605,917 Culture and recreation 1,955, , ,362 49, ,861 Interest on long-term debt 773,778 Total governmental activities 57,455,941 10,117,787 6,116,936 1,182,168 17,416,891 Business-Type activities: Wastewater system 15,568,388 17,807,823 17,807,823 Water system 13,719,156 13,238, ,720 13,365,108 Refuse collection system 12,263,902 12,221,542 17,057 12,238,599 Merced municipal airport 1,202, , , ,161 Total business-type activities 42,753,518 43,672, , ,720 44,229,691 Total government $ 100,209,459 $ 53,789,994 $ 6,547,700 $ 1,308,888 $ 61,646,582 General Revenues: Taxes: Property Sales Franchise taxes Transient occupancy taxes Business license tax Business improvement tax Cost recovery impact study Total taxes Interest and investment earnings Disposal of capital assets Transfers Total general revenues and transfers Change in net position Net Position: Beginning of year, restated End of year The accompanying notes are an integral part of these financial statements. 18

25 Net (Expense) Revenue and Changes in Net Position Governmental Business-Type Activities Activities Total $ (3,854,659) $ $ (3,854,659) (26,210,498) (26,210,498) (7,870,010) (7,870,010) (1,330,105) (1,330,105) (773,778) (773,778) (40,039,050) (40,039,050) 2,239,435 2,239,435 (354,048) (354,048) (25,303) (25,303) (383,911) (383,911) 1,476,173 1,476,173 (40,039,050) 1,476,173 (38,562,877) 13,933,670 35,337 13,969,007 13,922,380 13,922,380 1,698,203 1,698,203 1,874,354 1,874,354 1,077,292 1,077,292 73,813 73, , ,102 32,703,814 35,337 32,739, , ,215 1,500,790 (2,644,693) 14,013 (2,630,680) 463,400 (463,400) 31,228, ,165 31,609,261 (8,810,954) 1,857,338 (6,953,616) 324,796, ,492, ,288,735 $ 315,985,511 $ 204,349,608 $ 520,335,119 19

26 This page intentionally left blank 20

27 GOVERNMENTAL FUND FINANCIAL STATEMENTS General Fund - This fund is used to account for financial resources applicable to the General Governmental Operations of the. In compliance with Governmental Accounting Standards Board Statement No. 54, the Parks and Community Services Fund has been reported with the General Fund because a substantial portion of the inflows are not derived from restricted or committed revenue sources and does not meet the definition of a Special Revenue Fund. Housing Special Revenue Fund - This fund is used to account for programs and activities aimed at benefiting low and moderate income persons. The Block Grant is used for providing loans to low and moderate income persons for rehabilitation of dwelling units, and support to other funds which provide grant-eligible services. Measure C Special Revenue Fund - This fund is used to account for the one-half cent transaction and use tax that was approved by area voters and became effective April 1, Low and Moderate Income Housing Special Revenue Fund - This fund is used to account for low and moderate income housing activities. On January 12, 2012, the City Council adopted Resolution , assuming all rights, powers, assets, liabilities, duties, and obligations associated with the housing activities of the former Redevelopment Agency. Streets and Signals Capital Projects Fund - This fund is used to account for projects which are funded by State and Federal sources and Public Facilities Impact Fees. 21

28 Balance Sheet Governmental Funds June 30, 2015 General Fund Housing Measure C ASSETS Cash, cash equivalents and investments $ 13,603,525 $ 1,043,146 $ 285,897 Restricted cash held by fiscal agents 6 Receivables: Accounts 717, ,079 Due from other governments 2,273,394 71,351 1,130,693 Interest 15, , Due from other funds 241,662 Inventory 50,705 Land held for resale 229,548 Notes receivable 173,425 19,925,239 Advances to other funds 1,710,991 Total assets $ 18,786,587 $ 21,821,030 $ 1,423,002 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ 149,164 $ 38,155 $ 117,691 Payroll liabilities 575,749 7, ,969 Unearned revenue 961, ,084 Due to other funds Advances from other funds Other liabilities 6,670 3,068 Total liabilities 1,692, , ,660 Fund balances: Nonspendable 1,917,715 Restricted 4,000,000 21,213,017 Committed 1,190,342 Assigned 1,047,714 Unassigned 10,128,164 Total fund balances 17,093,593 21,213,017 1,190,342 Total liabilities and fund balances $ 18,786,587 $ 21,821,030 $ 1,423,002 The accompanying notes are an integral part of these financial statements. 22

29 Low and Non-Major Moderate Streets & Governmental Income Housing Signals Funds Total $ 304,655 $ 2,076,915 $ 21,399,888 $ 38,714, ,079,823 1,803, ,070 1,777,329 5,719, ,541 2,183 1,086,890 2,362, , ,581 50,705 1,603,664 1,075,979 2,909,191 8,627,381 5,756,883 34,482,928 1,710,991 $ 11,241,241 $ 2,546,168 $ 32,279,711 $ 88,097,739 $ $ 377,068 $ 69,640 $ 751, , ,756 56,433 1,576, , ,581 1,710,991 1,710,991 2,467,234 2,476, ,068 4,766,211 7,676,946 1,917,715 11,241,241 2,169,100 22,424,624 61,047,982 5,323,654 6,513,996 1,047,714 (234,778) 9,893,386 11,241,241 2,169,100 27,513,500 80,420,793 $ 11,241,241 $ 2,546,168 $ 32,279,711 $ 88,097,739 23

30 Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position June 30, 2015 Total Fund Balances - Total Governmental Funds $ 80,420,793 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds. Non-depreciable, net of Internal Service Fund assets of $3,998 $ 97,164,711 Depreciable, net of accumulated depreciation and net of Internal Service Fund assets of $8,139, ,911, ,075,919 Deferred outflows of resources related to the net pension liability. 4,157,269 Long-term liabilities are not due and payable in the current period, and therefore are not reported in the governmental funds. Long-term debt due within one year (575,000) Long-term debt due in more than one year (6,855,000) Net other postemployment health care benefits obligation, net of Internal Service Fund obligation of $1,965,019 (19,650,116) Net pension liability (40,842,266) Compensated absences, net of Internal Service Fund liability of $292,360 (3,245,392) (71,167,774) Deferred inflows of resources related to the net pension liability. (10,340,374) Interest payable on long-term debt does not require current financial resources. Therefore, interest payable is not reported as a liability in the governmental funds. (65,975) Internal service funds are used by management to charge the costs of certain activities to individual funds. This amount represents the net assets of the Internal Service Funds. 9,905,653 Net position of governmental activities $ 315,985,511 The accompanying notes are an integral part of these financial statements. 24

31 This page intentionally left blank 25

32 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended June 30, 2015 General Fund Housing Measure C REVENUES: Taxes $ 26,591,389 $ $ 5,568,158 Intergovernmental 879,227 1,226, ,988 Licenses and permits 22,631 Use of money and property 145,411 7,019 1,560 Service charges 7,129, , ,632 Fines, forfeitures and penalties 359,058 Other 502,692 Total revenues 35,629,659 1,769,942 6,143,338 EXPENDITURES: Current operating: General government 5,275,197 1,507,920 Public safety 24,184,904 5,901,150 Public works 1,573, ,904 Culture and recreation 1,106,843 Total current operating 32,140,249 1,507,920 6,089,054 Capital outlay 20, , ,399 Debt Service: Principal 325,000 Interest 348,691 Total expenditures 32,834,288 2,023,065 6,497,453 REVENUES OVER (UNDER) EXPENDITURES 2,795,371 (253,123) (354,115) OTHER FINANCING SOURCES (USES): Sale of capital assets 439, ,422 Transfers in 1,161,793 Transfers out (1,384,726) (361,291) (511) Total other financing sources (uses) 216, ,131 (511) NET CHANGE IN FUND BALANCES 3,011,688 61,008 (354,626) FUND BALANCES: Beginning of year, restated 14,081,905 21,152,009 1,544,968 End of year $ 17,093,593 $ 21,213,017 $ 1,190,342 The accompanying notes are an integral part of these financial statements. 26

33 Low and Non-Major Moderate Streets & Governmental Income Housing Signals Funds Total $ $ $ 544,267 $ 32,703, ,942 1,132,357 3,590,148 7,296, , ,133 15,912 10, , ,679 6,187,892 14,176,061 53, , , , ,854 1,142,615 11,601,447 56,519,855 1,685 2,561,328 9,346,130 1,234,960 31,321,014 5,038,389 6,799,598 1,106,843 1,685 8,834,677 48,573,585 2,669, ,030 3,852, , , , ,301 1,685 2,669,128 9,376,317 53,401, ,169 (1,526,513) 2,225,130 3,117, ,030 1,253,702 1,847,661 1,716,368 4,725,822 (163,011) (2,848,324) (4,757,863) 1,684,650 (992,926) 1,221, , ,137 1,232,204 4,339,580 11,010,072 2,010,963 26,281,296 76,081,213 $ 11,241,241 $ 2,169,100 $ 27,513,500 $ 80,420,793 27

34 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance to the Government-Wide Statement of Activities and Changes in Net Position For the Year Ended June 30, 2015 Net Change in Fund Balances - Total Governmental Funds $ 4,339,580 Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report acquisition of capital assets as part of capital outlay expenditures. However in the Government-Wide Statement of Activities and Changes in Net Position, the cost of those assets is allocated over their estimated useful lives as depreciation expense. 3,237,430 Depreciation expense on capital assets was reported in the Government-Wide Statement of Activities and Changes in Net Position, but it did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in the governmental funds. This amount is net of internal service fund depreciation expense of $1,896,132. (14,243,677) Loss on disposal of capital assets was reported in the Government-Wide Statement of Activities and Changes in Net Position, but it did not require the use of current financial resources. Therefore, the loss was not reported as expenditures in the governmental funds. (4,012,180) Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Government-Wide Statement of Net Position. The issuance of long-term debt provides current financial resources to governmental funds but does not have any effect on the Government-Wide Statement of Activities and Changes in Net Position. Principal payment 525,000 The liability for compensated absences does not require the use of current financial resources. As a result, these costs were not recorded in the governmental funds. This amount represents the current year's costs which were recorded in the Government-Wide Statement of Activities and Changes in Net Position. (12,535) Change in net other postemployment health care benefits obligation, net of Internal Service Fund obligation expense of $75,718 (808,054) Change in net pension liability and related deferred inflows/outflows. 319,189 Interest expense on long-term debt is reported in the Government-Wide Statement of Activities and Changes in Net Position, but it does not require the use of current financial resources. Therefore, accrued interest expense is not reported as expenditures in the governmental funds. The following amount represents the change in accrued interest from the prior year. (36,918) Internal service funds are used by management to charge the costs of certain activities to individual funds. The change in Net Position of the internal service funds is reported with governmental activities. 1,881,211 Change in Net Position of Governmental Activities $ (8,810,954) The accompanying notes are an integral part of these financial statements. 28

35 PROPRIETARY FUND FINANCIAL STATEMENTS Wastewater System - This fund is used to account for the City's wastewater utility, which provides wastewater collection and treatment services to the residents of the City and some residents of the County. Water System - This fund is used to account for the City's water utility, which provides water delivery services to the residents of the City and some residents of the County. Refuse Collection System - This fund is used to account for the collection and disposal of municipal solid waste for industrial, commercial and residential customers. Internal Service Funds - These funds were used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City and to other governmental units, on a cost reimbursement basis. 29

City of Tombstone, Arizona Financial Statements. Year Ended June 30, 2016

City of Tombstone, Arizona Financial Statements. Year Ended June 30, 2016 City of Tombstone, Arizona Financial Statements Year Ended June 30, 2016 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS (MD&A) (Required Supplementary Information) 5

More information

CITY OF CHEYENNE FINANCIAL & COMPLIANCE REPORT

CITY OF CHEYENNE FINANCIAL & COMPLIANCE REPORT CITY OF CHEYENNE FINANCIAL & COMPLIANCE REPORT Cheyenne, Wyoming Year Ended Prepared by City Treasurer s Office This page is intentionally left blank 2 City of Cheyenne Financial and Compliance Report

More information

City of North Chicago, Illinois

City of North Chicago, Illinois Annual Financial Report Year Ended April 30, 2015 Annual Financial Report Table of Contents For the Year Ended April 30, 2015 Page INDEPENDENT AUDITORS' REPORT 1-3 MANAGEMENT'S DISCUSSION AND ANALYSIS

More information

CITY OF HERCULES, CALIFORNIA ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2017

CITY OF HERCULES, CALIFORNIA ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2017 , CALIFORNIA ANNUAL FINANCIAL REPORT YEAR ENDED WEALTH ADVISORY OUTSOURCING AUDIT, TAX, AND CONSULTING THIS PAGE INTENTIONALLY LEFT BLANK TABLE OF CONTENTS YEAR ENDED FINANCIAL SECTION Independent Auditors

More information

City of North Chicago, Illinois

City of North Chicago, Illinois Annual Financial Report Year Ended Annual Financial Report Table of Contents For the Year Ended Page INDEPENDENT AUDITORS' REPORT 1-3 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) 4-12 BASIC FINANCIAL

More information

CITY OF SANTA PAULA FINANCIAL STATEMENTS

CITY OF SANTA PAULA FINANCIAL STATEMENTS CITY OF SANTA PAULA FINANCIAL STATEMENTS Year Ended Financial Statements Year Ended TABLE OF CONTENTS Page Independent Auditor s Report Management s Discussion and Analysis i - iii iv - xii Basic Financial

More information

City of Grand Ledge. FINANCIAL STATEMENTS (With Required Supplementary Information) June 30, 2018

City of Grand Ledge. FINANCIAL STATEMENTS (With Required Supplementary Information) June 30, 2018 FINANCIAL STATEMENTS (With Required Supplementary Information) TABLE OF CONTENTS Page INDEPENDENT AUDITOR S REPORT MANAGEMENT S DISCUSSION AND ANALYSIS i-iii iv-x BASIC FINANCIAL STATEMENTS Government-wide

More information

WOODS CROSS CITY CORPORATION FINANCIAL STATEMENTS. For The Year Ended June 30, Together With Independent Auditor s Report

WOODS CROSS CITY CORPORATION FINANCIAL STATEMENTS. For The Year Ended June 30, Together With Independent Auditor s Report CORPORATION FINANCIAL STATEMENTS For The Year Ended June 30, 2017 Together With Independent Auditor s Report Financial Section: WOODS CROSS CITY TABLE OF CONTENTS Independent Auditor s Report... 1 Management

More information

City of North Chicago, Illinois

City of North Chicago, Illinois Annual Financial Report Year Ended Annual Financial Report Table of Contents For the Year Ended Page INDEPENDENT AUDITORS' REPORT 1-3 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) 4-13 BASIC FINANCIAL

More information

COUNTY OF HUMBOLDT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2011

COUNTY OF HUMBOLDT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2011 AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2011 AUDIT REPORT Table of Contents Introductory Section Page Directory of Public Officials... 1 Financial Section Independent Auditor s Report... 2-3 Management

More information

TOWN OF MEDLEY, FLORIDA Financial Section, Required Supplementary Information, Combining Fund Statements, and Supplementary Financial Reports

TOWN OF MEDLEY, FLORIDA Financial Section, Required Supplementary Information, Combining Fund Statements, and Supplementary Financial Reports TOWN OF MEDLEY, FLORIDA Financial Section, Required Supplementary Information, Combining Fund Statements, and Supplementary Financial Reports Compliance Section With Independent Auditors Report TABLE OF

More information

(This page intentionally left blank.)

(This page intentionally left blank.) (This page intentionally left blank.) ANNUAL FINANCIAL REPORT of the For the Year Ended (This page intentionally left blank.) TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor s Report 1 Management

More information

CITY OF WEST BEND West Bend, Wisconsin

CITY OF WEST BEND West Bend, Wisconsin West Bend, Wisconsin FINANCIAL STATEMENTS Including Independent Auditors Report TABLE OF CONTENTS Page Independent Auditors Report i ii Required Supplementary Information Management s Discussion and Analysis

More information

City of La Mesa La Mesa, California. Basic Financial Statements and Independent Auditor s Report

City of La Mesa La Mesa, California. Basic Financial Statements and Independent Auditor s Report City of La Mesa La Mesa, California Basic Financial Statements and Independent Auditor s Report This page left intentionally blank. Basic Financial Statements Table of Contents Page Independent Auditor's

More information

GOGEBIC COUNTY ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013

GOGEBIC COUNTY ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013 GOGEBIC COUNTY ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS Government-wide Financial

More information

TOWN OF MEDLEY, FLORIDA FINANCIAL SECTION, REQUIRED SUPPLEMENTARY INFORMATION, COMBINING FUND STATEMENTS, AND SUPPLEMENTARY FINANCIAL REPORTS

TOWN OF MEDLEY, FLORIDA FINANCIAL SECTION, REQUIRED SUPPLEMENTARY INFORMATION, COMBINING FUND STATEMENTS, AND SUPPLEMENTARY FINANCIAL REPORTS FINANCIAL SECTION, REQUIRED SUPPLEMENTARY INFORMATION, COMBINING FUND STATEMENTS, AND SUPPLEMENTARY FINANCIAL REPORTS COMPLIANCE SECTION Year Ended CONTENTS Independent Auditors Report 1 Financial Section:

More information

TOOELE CITY CORPORATION. Financial Statements and Independent Auditor's Report. June 30, 2014

TOOELE CITY CORPORATION. Financial Statements and Independent Auditor's Report. June 30, 2014 Financial Statements and Independent Auditor's Report June 30, 2014 Table of Contents Page Independent Auditor's Report 1 Management's Discussion and Analysis 3 Basic Financial Statements: Government-Wide

More information

CITY OF COMPTON STATE OF CALIFORNIA. Comprehensive Annual Financial Report. Fiscal Year Ended June 30, 2009

CITY OF COMPTON STATE OF CALIFORNIA. Comprehensive Annual Financial Report. Fiscal Year Ended June 30, 2009 STATE OF CALIFORNIA Comprehensive Annual Financial Report Fiscal Year Ended Comprehensive Annual Financial Report Table of Contents Page(s) Independent Auditor s Report... 1 Management s Discussion and

More information

TOWN OF MEDLEY, FLORIDA Financial Section, Required Supplementary Information, Combining Fund Statements, and Supplementary Financial Reports

TOWN OF MEDLEY, FLORIDA Financial Section, Required Supplementary Information, Combining Fund Statements, and Supplementary Financial Reports TOWN OF MEDLEY, FLORIDA Financial Section, Required Supplementary Information, Combining Fund Statements, and Supplementary Financial Reports Compliance Section With Independent Auditors Report TABLE OF

More information

City of Park Rapids Hubbard County, Minnesota. Financial Statements. December 31, 2016

City of Park Rapids Hubbard County, Minnesota. Financial Statements. December 31, 2016 Hubbard County, Minnesota Financial Statements December 31, 2016 Table of Contents Elected Officials and Administration 1 Independent Auditor's Report 2 Management's Discussion and Analysis 5 Basic Financial

More information

TOOELE CITY CORPORATION. Financial Statements and Independent Auditor's Report. June 30, 2012

TOOELE CITY CORPORATION. Financial Statements and Independent Auditor's Report. June 30, 2012 Financial Statements and Independent Auditor's Report June 30, 2012 Table of Contents Page Independent Auditor's Report 1 Management's Discussion and Analysis 3 Basic Financial Statements: Government-Wide

More information

City of Diboll, Texas

City of Diboll, Texas ANNUAL FINANCIAL REPORT of the For the Year Ended (This page intentionally left blank.) TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor s Report 1 Management s Discussion and Analysis 7 Basic Financial

More information

CITY OF ROLLING HILLS, CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017

CITY OF ROLLING HILLS, CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 , CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 PREPARED BY: THE CITY OF ROLLING HILLS, CALIFORNIA FINANCIAL SERVICES DEPARTMENT THIS PAGE INTENTIONALLY LEFT BLANK FINANCIAL STATEMENTS

More information

City of Sartell Stearns and Benton Counties, Minnesota. Financial Statements. December 31, 2018

City of Sartell Stearns and Benton Counties, Minnesota. Financial Statements. December 31, 2018 Stearns and Benton Counties, Minnesota Financial Statements December 31, 2018 Table of Contents Elected Officials and Administration 1 Independent Auditor's Report 2 Management's Discussion and Analysis

More information

TOWN OF MEDLEY, FLORIDA FINANCIAL SECTION, REQUIRED SUPPLEMENTARY INFORMATION, COMBINING FUND STATEMENTS, AND SUPPLEMENTARY FINANCIAL REPORTS

TOWN OF MEDLEY, FLORIDA FINANCIAL SECTION, REQUIRED SUPPLEMENTARY INFORMATION, COMBINING FUND STATEMENTS, AND SUPPLEMENTARY FINANCIAL REPORTS FINANCIAL SECTION, REQUIRED SUPPLEMENTARY INFORMATION, COMBINING FUND STATEMENTS, AND SUPPLEMENTARY FINANCIAL REPORTS COMPLIANCE SECTION Year Ended September 30, 2011 CONTENTS Independent Auditors Report

More information

TOWN OF JUPITER ISLAND, FLORIDA. Audited Financial Statements And Supplementary Financial Information

TOWN OF JUPITER ISLAND, FLORIDA. Audited Financial Statements And Supplementary Financial Information TOWN OF JUPITER ISLAND, FLORIDA Audited Financial Statements And Supplementary Financial Information SEPTEMBER 30, 2013 TOWN OF JUPITER ISLAND, FLORIDA AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL

More information

CITY OF EAST GRAND RAPIDS, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE

CITY OF EAST GRAND RAPIDS, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE , MICHIGAN FINANCIAL STATEMENTS Vredeveld Haefner LLC TABLE OF CONTENTS FINANCIAL SECTION PAGE Independent Auditors Report 1-2 Management s Discussion and Analysis 3-8 Basic Financial Statements Government-wide

More information

(This page intentionally left blank.)

(This page intentionally left blank.) (This page intentionally left blank.) ANNUAL FINANCIAL REPORT of the For the Year Ended (This page intentionally left blank.) TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor s Report 1 Management

More information

VILLAGE OF RICHMOND, ILLINOIS ANNUAL FINANCIAL REPORT

VILLAGE OF RICHMOND, ILLINOIS ANNUAL FINANCIAL REPORT VILLAGE OF RICHMOND, ILLINOIS ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED APRIL 30, 2015 VILLAGE OF RICHMOND TABLE OF CONTENTS APRIL 30, 2015 PAGE INDEPENDENT AUDITOR S REPORT 1 REQUIRED SUPPLEMENTARY

More information

CITY OF BANNING, CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017

CITY OF BANNING, CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 , CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 THIS PAGE INTENTIONALLY LEFT BLANK FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 TABLE OF CONTENTS Page Number INDEPENDENT

More information

CITY OF BOYNE CITY CHARLEVIOX COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED APRIL 30, 2014

CITY OF BOYNE CITY CHARLEVIOX COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED APRIL 30, 2014 CITY OF BOYNE CITY CHARLEVIOX COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED APRIL 30, 2014 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL

More information

CITY OF INGLEWOOD BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 2015

CITY OF INGLEWOOD BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 2015 BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 2015 BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 2015 THIS PAGE INTENTIONALLY

More information

City of Le Sueur Le Sueur County, Minnesota. Financial Statements. December 31, 2015

City of Le Sueur Le Sueur County, Minnesota. Financial Statements. December 31, 2015 Le Sueur County, Minnesota Financial Statements December 31, 2015 Table of Contents Page Elected Officials and Administration 1 Independent Auditor's Report 3 Management's Discussion and Analysis 7 Basic

More information

Town of Ramapo, New York

Town of Ramapo, New York Financial Statements and Supplementary Information Year Ended December 31, 2014 Table of Contents Page No. Independent Auditors' Report Management's Discussion and Analysis Basic Financial Statements

More information

CITY OF FITCHBURG, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2016

CITY OF FITCHBURG, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2016 CITY OF FITCHBURG, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2016 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL

More information

CITY OF KEMPNER, TEXAS

CITY OF KEMPNER, TEXAS ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 TABLE OF CONTENTS FINANCIAL SECTION Page Independent Auditor s

More information

CITY OF BANNING, CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2016

CITY OF BANNING, CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2016 , CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2016 , CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2016 THIS PAGE INTENTIONALLY LEFT BLANK FINANCIAL STATEMENTS

More information

COUNTY CALIFORNIA TOGETHER WITH INDEPENDENT FOR THE JUNE 30, 20122

COUNTY CALIFORNIA TOGETHER WITH INDEPENDENT FOR THE JUNE 30, 20122 COUNTY OF SISKIYOU, CALIFORNIA FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED JUNE 30, 20122 THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF SISKIYOU, CALIFORNIA Annual

More information

CITY OF CENTERVILLE, GEORGIA ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2013

CITY OF CENTERVILLE, GEORGIA ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2013 ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2013 NICHOLS, CAULEY & ASSOCIATES, LLC Certified Public Accountants Certified Financial Planners Certified Internal Auditors Certified Government

More information

City of Beaumont. Beaumont, California. Annual Financial Report and Independent Auditors Report

City of Beaumont. Beaumont, California. Annual Financial Report and Independent Auditors Report Beaumont, California Annual Financial Report and Independent Auditors Report , California ANNUAL FINANCIAL REPORT For the fiscal year ended June 30, 2018 Prepared by the Finance Department Melana Taylor,

More information

CITY OF LOCKHART, TEXAS

CITY OF LOCKHART, TEXAS CITY OF LOCKHART, TEXAS ANNUAL FINANCIAL REPORT For the fiscal year ended September 30, 2017 CITY OF LOCKHART, TEXAS ANNUAL FINANCIAL REPORT For the year ended September 30, 2017 FINANCIAL SECTION Independent

More information

CITY OF RACINE. Racine, Wisconsin FINANCIAL STATEMENTS. Including Independent Auditors' Report. As of and for the Year Ended December 31, 2013

CITY OF RACINE. Racine, Wisconsin FINANCIAL STATEMENTS. Including Independent Auditors' Report. As of and for the Year Ended December 31, 2013 Racine, Wisconsin FINANCIAL STATEMENTS Including Independent Auditors' Report As of and for the Year Ended December 31, 2013 TABLE OF CONTENTS As of and for the Year Ended December 31, 2013 Independent

More information

CITY OF FREEPORT FREEPORT, TEXAS

CITY OF FREEPORT FREEPORT, TEXAS FREEPORT, TEXAS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2013 KENNEMER, MASTERS & LUNSFORD, LLC CERTIFIED PUBLIC ACCOUNTANTS 8 WEST WAY COURT LAKE JACKSON, TEXAS 77566 THIS PAGE LEFT BLANK

More information

CITY OF INKSTER, MICHIGAN. Year Ended June 30, Financial Statements and Single Audit Compliance Act

CITY OF INKSTER, MICHIGAN. Year Ended June 30, Financial Statements and Single Audit Compliance Act CITY OF INKSTER, MICHIGAN Year Ended June 30, 2016 Financial Statements and Single Audit Compliance Act This page intentionally left blank. Table of Contents Independent Auditors Report 1 Management s

More information

City of Shenandoah, Texas

City of Shenandoah, Texas ANNUAL FINANCIAL REPORT of the For the Year Ended (This page intentionally left blank.) TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor s Report 1 Management s Discussion and Analysis 7 Basic Financial

More information

FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, With Report of. Certified Public Accountants

FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, With Report of. Certified Public Accountants FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2018 With Report of Certified Public Accountants Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 5 Basic

More information

CLINTON CITY BASIC FINANCIAL STATEMENTS AND REQUIRED SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITOR'S REPORTS YEAR ENDED JUNE 30, 2018

CLINTON CITY BASIC FINANCIAL STATEMENTS AND REQUIRED SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITOR'S REPORTS YEAR ENDED JUNE 30, 2018 BASIC FINANCIAL STATEMENTS AND REQUIRED SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITOR'S REPORTS YEAR ENDED TABLE OF CONTENTS Independent Auditors Report... 1-2 Management s Discussion and Analysis...

More information

TABLE OF CONTENTS. Page INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 5 BASIC FINANCIAL STATEMENTS

TABLE OF CONTENTS. Page INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 5 BASIC FINANCIAL STATEMENTS MONTCALM COUNTY STANTON, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2017 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 5 BASIC FINANCIAL STATEMENTS

More information

City of Shenandoah, Texas

City of Shenandoah, Texas ANNUAL FINANCIAL REPORT of the City of Shenandoah, Texas For the Year Ended (This page intentionally left blank.) TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor s Report 1 Management s Discussion

More information

SALEM CITY CORPORATION FINANCIAL STATEMENTS

SALEM CITY CORPORATION FINANCIAL STATEMENTS FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2016 ii Table of Contents Introductory Section Page Letter of transmittal... 3 Financial Section Independent Auditors Report... 7 Management Discussion

More information

SALEM CITY CORPORATION FINANCIAL STATEMENTS

SALEM CITY CORPORATION FINANCIAL STATEMENTS FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2017 Allred Jackson, PC 50 East 2500 North, Suite 200 North Logan, UT 84341 (P) 435.752.6441 (F) 435.752.6451 www.allredjackson.com ii Table of Contents

More information

Annual Financial Report

Annual Financial Report Annual Financial Report City of Byron Byron, Minnesota For the Year Ended December 31, 2017 THIS PAGE IS LEFT BLANK INTENTIONALLY Annual Financial Report Table of Contents For the Year Ended December 31,

More information

CITY OF DRIGGS, IDAHO. Basic Financial Statements and Supplementary Information with Independent Auditors' Report

CITY OF DRIGGS, IDAHO. Basic Financial Statements and Supplementary Information with Independent Auditors' Report Basic Financial Statements and Supplementary Information with Independent Auditors' Report September 30, 2017 Table of Contents September 30, 2017 Independent Auditors Report... 1-3 Management s Discussion

More information

ROBINSON, FARMER, COX ASSOCIATES

ROBINSON, FARMER, COX ASSOCIATES ROBINSON, FARMER, COX ASSOCIATES A PROFESSIONAL LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS Independent Auditors Report To the Honorable Members of the City Council City of Manassas, Virginia

More information

CITY OF CHAMBLEE, GEORGIA

CITY OF CHAMBLEE, GEORGIA CITY OF CHAMBLEE, GEORGIA ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012 Prepared By: City of Chamblee Finance Department CITY OF CHAMBLEE, GEORGIA ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED

More information

Levy County, Florida. Audit Report. September 30, 2013

Levy County, Florida. Audit Report. September 30, 2013 Levy County, Florida Audit Report September 30, 2013 Levy County, Florida Table of Contents September 30, 2013 Page Independent Auditor s Report i Management s Discussion and Analysis iii Basic Financial

More information

TOWN OF JUPITER ISLAND, FLORIDA REPORT ON AUDIT OF FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL INFORMATION

TOWN OF JUPITER ISLAND, FLORIDA REPORT ON AUDIT OF FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL INFORMATION TOWN OF JUPITER ISLAND, FLORIDA REPORT ON AUDIT OF FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 2017 TOWN OF JUPITER ISLAND, FLORIDA AUDITED FINANCIAL STATEMENTS

More information

VILLAGE OF PIGEON PIGEON, MICHIGAN HURON COUNTY FINANCIAL REPORT FEBRUARY 29, 2016

VILLAGE OF PIGEON PIGEON, MICHIGAN HURON COUNTY FINANCIAL REPORT FEBRUARY 29, 2016 VILLAGE OF PIGEON PIGEON, MICHIGAN HURON COUNTY FINANCIAL REPORT FEBRUARY 29, 2016 REPORT OF INDEPENDENT AUDITORS MANAGEMENT S DISCUSSION AND ANALYSIS TABLE OF CONTENTS PAGE NUMBER i - iii iv x BASIC FINANCIAL

More information

CITY OF ATWATER, CALIFORNIA ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016

CITY OF ATWATER, CALIFORNIA ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016 CITY OF ATWATER, CALIFORNIA ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016 Prepared by: Finance Department This page intentionally left blank. Basic Financial Statements Table of Contents

More information

Clay County, Florida. County Audit Report September 30, 2014

Clay County, Florida. County Audit Report September 30, 2014 Clay County, Florida County Audit Report September 30, 2014 Clay County, Florida County Audit Report September 30, 2014 Table of Contents Section Financial Report 1 County-Wide 3 Clerk of the Circuit Court

More information

City of Trenton, Michigan. Financial Report with Supplemental Information June 30, 2018

City of Trenton, Michigan. Financial Report with Supplemental Information June 30, 2018 Financial Report with Supplemental Information Contents Independent Auditor's Report 1-2 Management's Discussion and Analysis 3-6 Basic Financial Statements Government-wide Financial Statements: Statement

More information

SALEM CITY CORPORATION FINANCIAL STATEMENTS

SALEM CITY CORPORATION FINANCIAL STATEMENTS FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2014 TABLE OF CONTENTS Introductory Section: Page Letter of transmittal 3 Financial Section: Independent Auditors Report 7 Management Discussion and Analysis

More information

City of Palmer, Alaska

City of Palmer, Alaska Basic Financial Statements, Required Supplementary Information, Supplementary Information, and Single Audit Reports Year Ended December 31, 2015 DeLena Johnson Mayor Nathan Wallace City Manager Prepared

More information

CITY OF SOUTH GATE, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT JUNE 30, 2012

CITY OF SOUTH GATE, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT JUNE 30, 2012 , CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT JUNE 30, 2012 , CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT JUNE 30, 2012 PREPARED BY: DEPARTMENT OF FINANCE COMPREHENSIVE ANNUAL FINANCIAL REPORT

More information

City of Clinton, Iowa. Financial and Compliance Report Year Ended June 30, 2014

City of Clinton, Iowa. Financial and Compliance Report Year Ended June 30, 2014 Financial and Compliance Report Year Ended June 30, 2014 Table of Contents Introductory Section Table of contents City officials Organizational chart i ii iii iv Financial Section Independent auditor

More information

City of Placerville. Placerville, California. Basic Financial Statements And Independent Auditors Report

City of Placerville. Placerville, California. Basic Financial Statements And Independent Auditors Report City of Placerville Placerville, California Basic Financial Statements And Independent Auditors Report For the year ended June 30, 2011 CITY OF PLACERVILLE Basic Financial Statements For the year ended

More information

ANNUAL FINANCIAL REPORT

ANNUAL FINANCIAL REPORT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER

More information

CITY OF PICAYUNE, MISSISSIPPI AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2018

CITY OF PICAYUNE, MISSISSIPPI AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2018 AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS SEPTEMBER 30, 2018 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 4-6 MANAGEMENT S DISCUSSION AND ANALYSIS 8-15 GOVERNMENT-WIDE FINANCIAL STATEMENTS:

More information

CITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2010

CITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2010 CITY OF HOLYOKE, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2010 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS:

More information

ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2016

ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2016 ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2016 Photo: Steam train arriving in Truckee (courtesy of Laura Sexton) Prepared by the Town of Truckee Department of Administrative Services and Finance

More information

TOWN OF MIDDLEBOROUGH, MASSACHUSETTS

TOWN OF MIDDLEBOROUGH, MASSACHUSETTS BASIC FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS WITH INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED JUNE 30, 2013 BASIC FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS

More information

CITY OF HEMPHILL, TEXAS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015

CITY OF HEMPHILL, TEXAS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 Annual Financial Report For the Year Ended June 30, 2015 Table of Contents Page FINANCIAL SECTION Independent Auditor s Report... 1-3 Management

More information

CITY OF HEALDSBURG HEALDSBURG, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT WITH REPORT ON AUDIT BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

CITY OF HEALDSBURG HEALDSBURG, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT WITH REPORT ON AUDIT BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS HEALDSBURG, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT WITH REPORT ON AUDIT BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS FISCAL YEAR ENDED JUNE 30, 2008 Prepared by the Finance Department COMPREHENSIVE

More information

Village of Croton-on-Hudson, New York

Village of Croton-on-Hudson, New York Financial Statements and Supplementary Information Year Ended May 31, 2017 Table of Contents Page No. Independent Auditors' Report Management's Discussion and Analysis Basic Financial Statements Government-Wide

More information

CITY OF CROSSLAKE, MINNESOTA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2016

CITY OF CROSSLAKE, MINNESOTA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2016 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED TABLE OF CONTENTS INTRODUCTORY SECTION PRINCIPAL CITY OFFICIALS 1 FINANCIAL SECTION INDEPENDENT AUDITORS REPORTS 2 MANAGEMENT S DISCUSSION

More information

TOOELE CITY CORPORATION

TOOELE CITY CORPORATION Financial Statements and Independent Auditor's Report For the Fiscal Year Ended June 30, 2015 Financial Section Table of Contents Page Independent Auditor's Report... 4 Management's Discussion and Analysis...

More information

SPRINGVILLE CITY CORPORATION. Financial Statements and Independent Auditors Report. Year Ended June 30, 2017

SPRINGVILLE CITY CORPORATION. Financial Statements and Independent Auditors Report. Year Ended June 30, 2017 Financial Statements and Independent Auditors Report Year Ended June 30, 2017 Financial Statements and Independent Auditors Report Year Ended June 30, 2017 Table of Contents Page FINANCIAL SECTION Report

More information

Township of Cranberry

Township of Cranberry Township of Cranberry Financial Statements and Required Supplementary and Supplementary Information Year Ended December 31, 2013 with Independent Auditor s Report TABLE OF CONTENTS Independent Auditor's

More information

TOWNSHIP OF TYRONE LIVINGSTON COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED MARCH 31, 2018

TOWNSHIP OF TYRONE LIVINGSTON COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED MARCH 31, 2018 TOWNSHIP OF TYRONE LIVINGSTON COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED MARCH 31, 2018 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 5 BASIC FINANCIAL

More information

City of Panama City Beach, Florida

City of Panama City Beach, Florida City of Panama City Beach, Florida FINANCIAL STATEMENTS September 30, 2017 City of Panama City Beach, Florida Table of Contents September 30, 2017 Independent Auditors Report 1 Management s Discussion

More information

TOWN OF BLACKSTONE, MASSACHUSETTS. Report on Examination of Basic Financial Statements and Additional Information Year Ended June 30, 2016

TOWN OF BLACKSTONE, MASSACHUSETTS. Report on Examination of Basic Financial Statements and Additional Information Year Ended June 30, 2016 TOWN OF BLACKSTONE, MASSACHUSETTS Report on Examination of Basic Financial Statements and Additional Information Year Ended June 30, 2016 Report on Internal Control Over Financial Reporting and On Compliance

More information

City of Fraser Macomb County, Michigan FINANCIAL STATEMENTS. June 30, 2016

City of Fraser Macomb County, Michigan FINANCIAL STATEMENTS. June 30, 2016 Macomb County, Michigan FINANCIAL STATEMENTS TABLE OF CONTENTS Page INDEPENDENT AUDITOR S REPORT MANAGEMENT S DISCUSSION AND ANALYSIS i-ii iii-vii BASIC FINANCIAL STATEMENTS Government-wide Financial Statements

More information

ONEIDA COUNTY, WISCONSIN ANNUAL FINANCIAL REPORT DECEMBER 31, 2016

ONEIDA COUNTY, WISCONSIN ANNUAL FINANCIAL REPORT DECEMBER 31, 2016 ANNUAL FINANCIAL REPORT DECEMBER 31, 2016 December 31, 2016 Table of Contents Page No. INDEPENDENT AUDITORS' REPORT MANAGEMENTS DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS Government-wide Financial

More information

Independent Auditor s Report

Independent Auditor s Report Independent Auditor s Report Board of Education Davis School District Report on the Basic Financial Statements We have audited the accompanying financial statements of the governmental activities, the

More information

IRON RIVER TOWNSHIP. Financial Report With Supplemental Information Prepared in Accordance with GASB 34 MARCH 31, 2016

IRON RIVER TOWNSHIP. Financial Report With Supplemental Information Prepared in Accordance with GASB 34 MARCH 31, 2016 Financial Report With Supplemental Information Prepared in Accordance with GASB 34 1 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT... 4 MANAGEMENT S DISCUSSION AND ANALYSIS... 8 BASIC FINANCIAL STATEMENTS...

More information

CITY OF CARSON CITY, MICHIGAN

CITY OF CARSON CITY, MICHIGAN , MICHIGAN FINANCIAL STATEMENTS Vredeveld Haefner LLC CPAs and Consultants TABLE OF CONTENTS FINANCIAL SECTION PAGE Independent Auditors Report 1-2 Management s Discussion and Analysis 3-8 Basic Financial

More information

City of Mount Vernon, New York

City of Mount Vernon, New York Financial Statements and Supplementary Information Year Ended December 31, 2014 Table of Contents Page No. Independent Auditors' Report Management's Discussion and Analysis Basic Financial Statements

More information

CITY OF HOGANSVILLE, GEORGIA AUDITED BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2018

CITY OF HOGANSVILLE, GEORGIA AUDITED BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2018 AUDITED BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2018 AUDITED BASIC FINANCIAL STATEMENTS TABLE OF CONTENTS FOR THE YEAR ENDED JUNE 30, 2018 Independent Auditor s Report 1 MANAGEMENT S DISCUSSION

More information

LEVY COUNTY, FLORIDA AUDIT REPORT SEPTEMBER 30, 2012

LEVY COUNTY, FLORIDA AUDIT REPORT SEPTEMBER 30, 2012 LEVY COUNTY, FLORIDA AUDIT REPORT SEPTEMBER 30, 2012 Levy County, Florida Audit Report September 30, 2012 Table of Contents Page INDEPENDENT AUDITOR S REPORT... i MANAGEMENT S DISCUSSION AND ANALYSIS...

More information

CITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2011

CITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2011 CITY OF HOLYOKE, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2011 TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS:

More information

City of Mount Vernon, New York

City of Mount Vernon, New York Financial Statements and Supplementary Information Year Ended December 31, 2015 Table of Contents Page No. Independent Auditors' Report Management's Discussion and Analysis Basic Financial Statements

More information

RIVERSIDE ELEMENTARY SCHOOL DISTRICT NO. 2

RIVERSIDE ELEMENTARY SCHOOL DISTRICT NO. 2 ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED Issued by: Business and Finance Department This page intentionally left blank. TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT...1-2 MANAGEMENT'S DISCUSSION

More information

Roosevelt City Corporation Duchesne County, Utah

Roosevelt City Corporation Duchesne County, Utah Duchesne County, Utah ANNUAL FINANCIAL REPORT For the Year Ended TABLE OF CONTENTS Beginning on page INDEPENDENT AUDITORS' REPORT 1 MANAGEMENT'S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS 13

More information

TOWN OF ASHFORD, CONNECTICUT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT

TOWN OF ASHFORD, CONNECTICUT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT JUNE 30, 2014 Contents Page Independent Auditor s Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic

More information

CITY OF NORCROSS, GEORGIA. Annual Financial Report. For the year ended December 31, 2009

CITY OF NORCROSS, GEORGIA. Annual Financial Report. For the year ended December 31, 2009 Annual Financial Report For the year ended December 31, 2009 This page intentionally left blank. FINANCIAL REPORT For the year ended December 31, 2009 TABLE OF CONTENTS INTRODUCTORY SECTION: Table of Contents

More information

CITY OF CHILTON, WISCONSIN ANNUAL FINANCIAL REPORT DECEMBER 31, 2012

CITY OF CHILTON, WISCONSIN ANNUAL FINANCIAL REPORT DECEMBER 31, 2012 ANNUAL FINANCIAL REPORT DECEMBER 31, 2012 December 31, 2012 Table of Contents Page No. INDEPENDENT AUDITORS REPORT 1-2 MANAGEMENT S DISCUSSION AND ANALYSIS 3-8 GOVERNMENT-WIDE FINANCIAL STATEMENTS Statement

More information

FINAL DRAFT 05/30/2018 Page 1 of 195. County of Barry, Michigan. Annual Financial Report. Year Ended December 31, 2017

FINAL DRAFT 05/30/2018 Page 1 of 195. County of Barry, Michigan. Annual Financial Report. Year Ended December 31, 2017 Page 1 of 195 County of Barry, Michigan Year Ended December 31, 2017 Annual Financial Report Page 2 of 195 Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis 5 Basic Financial

More information

ANNUAL FINANCIAL REPORT CITY OF GROVES, TEXAS

ANNUAL FINANCIAL REPORT CITY OF GROVES, TEXAS ANNUAL FINANCIAL REPORT For the fiscal year ended September 30, 2010 3411 Richmond Avenue Suite 500 Houston, TX 77046 (P) 713.621.1515 (F) 713.621.1570 www.null-lairson.com ANNUAL FINANCIAL REPORT TABLE

More information

TOWN OF JUPITER ISLAND, FLORIDA. Audited Financial Statements and Supplementary Financial Information

TOWN OF JUPITER ISLAND, FLORIDA. Audited Financial Statements and Supplementary Financial Information TOWN OF JUPITER ISLAND, FLORIDA Audited Financial Statements and Supplementary Financial Information SEPTEMBER 30, 2011 FINANCIAL SECTION: TOWN OF JUPITER ISLAND, FLORIDA AUDITED FINANCIAL STATEMENTS

More information

CITY OF COLEMAN, FLORIDA. Annual Financial Report. September 30, (With Independent Auditors' Report Thereon)

CITY OF COLEMAN, FLORIDA. Annual Financial Report. September 30, (With Independent Auditors' Report Thereon) Annual Financial Report September 30, 2018 (With Independent Auditors' Report Thereon) INTRODUCTORY SECTION This section contains the following subsections: List of City Council and Principal City Officials

More information